Casa Loma Development has submitted an application for a commercial take$-$out loan to fund a construction project in Toronto. Upon project completion, the property is anticipated to have an estimated market value of $$25,000,000,$ with a projected net operating income $($NOI$)$ of $$2,000,000.$ The bank is presenting a permanent loan option at an interest rate of $6\mathrm{.}75\%,$ featuring a $10-$year amortization period $($with MPF @ $0\mathrm{.}011435).$ As part of the lender's loan underwriting process, the maximum loan allowable is determined with a basis of $65\%$ Loan$-$to$-$Value $($LTV$)$ and a Debt Coverage Ratio $($DCR$)$ requirement of $1\mathrm{.}20.$ What is the calculated maximum loan allowable upon completion of the loan underwriting process?

Question $32$ options:

$$15,182,000$

$$15,051,000$

$$16,250,000$

$$12,145,000$